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Gold/Mining/Energy : Chevron Corporation

CVX 154.42

-2.1%

9:30 AM EST

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From: JakeStraw	4/29/2005 8:49:19 AM
	of 31

ChevronTexaco 1Q earns $2.68B vs $2.55B NEW YORK (MarketWatch) -- ChevronTexaco Friday reported first-quarter earnings of $2.68 billion, or $1.28 a share, up from a year-ago profit of $2.55 billion, or $1.20 a share. The year-ago results included a charge of $55 million related to litigation expenses. Sales and other operating revenue rose 22% in the latest three months to $40.44 billion from $33.65 billion in the same period a year earlier due to higher prices for its crude oil, natural gas and refined products. Including income from equity affiliates and other income, total revenue reached $41.61 billion in the quarter from $33.65 billion a year ago. The average estimate of analysts polled by Thomson First Call was for earnings of $1.38 a share in the March period. The company said earnings from its downstream operations dropped to $58 million in the latest quarter from $276 million a year ago due to unplanned downtime at two refineries in California.

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